In this economy, it can be difficult for businesses to stay afloat. Many business owners find themselves behind on bills or even going into some serious debt. As a result, bankruptcies, bank foreclosures, and outright sales are becoming increasingly common.

If this is the situation you’ve found yourself in, however, know that you’re not alone and that there are resources available to help you deal with your business’s closure. Before you consider selling on your own, use this three-step guide to help you with the particulars of your sale.

Work out the financial details. 
Businesses close for a variety of reasons. In some cases, where a business has gone bankrupt, business liquidation auctions are needed and would be handled by a lender. If you have a situation that requires you to pay back a lender once the business is sold, you may need to work through a third party that will protect your interests. Make sure that you know the financial gains and risks of selling off your business before you make any plans.

Get a machinery and equipment appraisal for your assets. 
No matter which type of business you had, there’s a chance that you’ll need machinery and equipment appraisals for your business’s items. These appraisals can vary, however, so make sure you work with an appraiser with knowledge of your industry. For example, a restaurant will need to have all appliances and other kitchen supplies appraised, so it’s necessary to work with someone who understands what these items do and how much they’re worth. A construction company in need of machinery and equipment appraisal would likely use a heavy equipment appraisal specialist to help them prepare for an auction.

Maximize your return with an auction. Selling your assets on your own can be difficult, so sometimes it’s best to work with a company that specializes in business auctions. For a quicker sale, you may want to consider working with a company that will hold an online auction in order to get worldwide exposure for your sale. Because online auctions can allow viewing 24/7, they remove the time constraints and scheduling problems that traditional auctions can have. Greater exposure and more participation means more potential bids for you.

Need more advice on selling your business? Talk to your lenders, appraisers, and auction specialists. By using these services, you can ensure that the potentially lengthy and stressful process of selling a business goes as smoothly as possible.